Michigan Online Gaming Revenue Hits New High With Latest Figures Showing Continuing Upward Trajectory Of The Market

Figures released covering the tail end of 2023 have shown just how competitive and successful the online casino market has become in Michigan.

Michigan Online Gaming Revenue Hits New High With Latest Figures Showing Continuing Upward Trajectory of the Market
Photo by Brad Switzer on Unsplash

The report published by the Michigan Gaming Control Board (MGCB) showed that the industry brought in $1.9 billion in revenue in 2023, a marked increase on the $1.5 billion made in 2022 and proof of an upward curve in the Great Lakes State.

Those who are interested in signing up with one of the many regulated options in the state can access key insights into the online casinos available in Michigan ahead of making their selection. Of those in the state to have made the biggest leap in terms of revenue in 2023, PointsBet has seen a 77% increase in profits, with DraftKings jumping by 46.7% and BetRivers by a healthy 9.2%.

The state has seen three new operators joining the fun in 2023, with PointsBet being rebranded as Fanatics and Caesars Palace and Hollywood Casino moving to standalone online casino apps.

Interestingly, in contrast, BetMGM, a household name in the gaming field, saw their revenue decline by 0.4%, which may seem like only a small drop, but when compared to the huge increases that have been seen at other brands, this could well represent a far greater problem for the company.

It is worth noting, however, that BetMGM is still the market leader in the state, with FanDuel sitting behind in second place. The state coffers drew in a huge $486 million in taxation from the online casino sector, which was a little short of the $500 million they had apparently hoped to hit.

When it comes to revenue generated by the online casino market, Pennsylvania still leads the way. The Keystone State brought in profits of over $2.1 billion, which puts it ahead of Michigan and New Jersey, both of which hit the $1.9 billion number.

January 2024 revenue numbers continue to back this trend, with Pennsylvania bringing in $189.3 million, New Jersey reaching $183.3 million, and Michigan operators making $181.9 million.

On the subject of the expansion and success of the online casino market, Rhode Island has become the latest state to legalize the practice. The launch comes eight months after the relevant legislation was passed and makes it the seventh state to offer online gaming.

The timing of the launch is interesting as it comes at the same time as the state’s sports betting avenue is flagging a little. January numbers show that the sports betting handle in Rhode Island has been down to its lowest level since last September and over 28% when compared to the same period last year. The other six states where Igaming is legal are New Jersey, Delaware, West Virginia, Pennsylvania, Michigan and Connecticut. The speed with which states are adopting legislation to legalize may appear slow but the tide certainly seems to be turning across the United States as a whole.

Team JST

Team JST work with our sponsors, shop vendors, and many more to create informative and engaging content.

Jetset Times in your inbox

Sign-up for our newsletter

By signing up, you agree to our Privacy Policy and European users agree to the data transfer policy.